The Insurance Regulatory and Development Authority of India vide its notification dated 8th December 2020 has notified IRDAI (Minimum Information Required for Investigation and Inspection) Regulations 2020 which shall allow the insurers, intermediaries to maintain the records either in physical form or in electronic form so as to ensure cost-effectiveness.
Therefore it is advised that necessary steps may be taken by the insurers, intermediaries, and insurance intermediaries to ensure digitization of physical records in a phased manner so as to convert them into electronic format within pre-fixed timeline, however, the company shall indicate the timeline needed to implement the process within the next 15 days.
